Search Result for : Renminbi

The Dollar Business Bureau  To reinforce its control on its currency, China is “considering” a modification in its procedures that would help in bringing more stability to the country’s financial system in near-term. “We were “considering” a change in procedures that would reinforce our control of the renminbi, said Chinese officials. This move by Beijing would probably bring more stability in short-term to the country’s financial system, which has already been the subject of new focus after the credit rating agency Moody’s Investors Service on Wednesday downgraded China’s credit rating on bonds, mentioning its rising debt.  Moody's downgraded the country’s sovereign ratings to A1, stating it believes that the financial strength of the second largest economy of the world would erode in the coming years due ...

PTI China has hinted at changing its long-standing yuan policy to liberalise its currency against the dollar, signalling willingness to alter course on exchange rates amid US President Donald Trump's threats of a trade war. For the first time in an annual government report, China included the requirement to ensure the stable global status of yuan as one of its major tasks, dropping the line "keeping a stable yuan at a reasonable and balanced level" which was included in the previous three reports, Hong Kong-based South China Morning Post reported on Monday. In his lengthy work report submitted to China's parliament, the National People's Congress (NPC) on Sunday, Chinese Premier Li Keqiang said "the renminbi exchange rate will be ...

As the Chinese renminbi (RMB) joins the league of global reserve currency along with the US dollar, British pound, euro and the Japanese yen, Jameel Ahmad, Chief Market Analyst at ForexTime- a Europe-based forex think tank- throws some light on its long- and short-term impact on the global currency markets. Interview by Himanhsu Vatsa | The Dollar Business Bureau During the quinquennial review of its SDR (Special Drawing Rights) basket, the International Monetary Fund (IMF) included Chinese yuan as fifth reserve currency. The change will come into force from October 1, 2016    The Dollar Business (TDB): The International Monetary Fund (IMF) has included Chinese yuan among the reserve currency basket? What will be its impact on global trade? J Ahmad: The ...

The Dollar Business Bureau The International Monetary Firm (IMF) will consider the inclusion of Chinese renminbi (RMB) into the list of its global reserve currency along with the US dollar, British pound, euro and Japanese yen. IMF Managing Director Christine Lagarde on Friday said that the issue is a “key focus” of the quinquennial review of the SDR (Special Drawing Rights) basket. Currencies listed in the SDR basket of the global lender can be used as an alternate means to settle international transactions among member countries. The IMF revises its SDR list after the interval of five years and the next review is scheduled to be held on November 30. Ahead of the SDR review, the IMF staff issued a ...